The last few days since the rejection of the Winklevoss Bitcoin ETF (Bats ETF) have been an exciting one. We have seen the markets almost spiral out of control due to the confusion as to which ETF had been rejected. Many had thought it was the CBOE sponsored ETF. But this has since been clarified and the two ETFs are entirely different. Bitcoin (BTC) has since resumed on its bull run and is trading at $8,215 at the moment of writing this.
The U.S SEC (Securities and Exchange Commission) play a vital role as the regulatory body for all trading and exchange activities in the United States. The body has scrutinized not only the Bats ETF but also the pending CBOE ETF as well as keeping us guessing as to whether they consider XRP as a security or not. This was after the SEC gave ETH a green-light by stating it is not a security. Many crypto-enthusiasts and traders have been treading carefully when trading with XRP for they believe any negative comment with regards to the digital asset, will send it spiraling out of control in the markets. But there might be an upside to XRP being a security.
The encouraging thing is that the team at Ripple is actually thrilled that regulators are getting involved. Cory Johnson, Ripple’s Chief Market Strategist stated that:
“One person’s regulation is another person’s protection. I believe it’s really important for investors to be protected.”
Protecting investors is the mandate of any government through its various agencies. Cory Johnson would also add that:
“We’ve seen what happens when there aren’t investor protections. We’ve seen investors lose so much money, and we’ve seen it in the world of crypto. We’ve seen some real bad actors involved, so we’re thrilled that regulators are getting involved.”
One other thing that Cory Johnson mentioned, is that the United States risks falling behind in cryptocurrency regulation as the rest of the world embraces the new technology. Notable countries that are pushing regulation include Malta, Philippines, Australia, Indonesia, Thailand, just to name a few.
Perhaps what is on every XRP fan’s mind, is to whether the SEC declaration of the digital asset as being a security will impact its progress around the globe. With the Ripple company spreading its wings as well as the XRP becoming a fan favorite for a lot of global traders, the SEC decision is becoming more or less irrelevant to the future of the digital asset.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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